CMPO(SZ:001914) Ping An Securities·2024-03-16 16:00Investment Rating - The report maintains a "Recommend" rating for the company, indicating expected performance above the market by 10% to 20% over the next six months [7][15]. Core Views - The company reported a steady growth in revenue and profit, with a total revenue of 15.63 billion yuan in 2023, representing a year-on-year increase of 20%, and a net profit of 736 million yuan, up 24% year-on-year [9][15]. - The property management segment generated 14.76 billion yuan in revenue, an 18% increase, while the asset management segment saw a significant growth of 50.1%, reaching 700 million yuan [9][10]. - The company has expanded its managed projects to 2,101, covering 156 cities, with a total managed area of 34.5 million square meters, of which 65.4% is third-party management [10][11]. Financial Summary - The company’s total assets reached 18.6 billion yuan in 2023, with a debt-to-asset ratio of 46.7% [19]. - The projected earnings per share (EPS) for 2024 and 2025 are 0.82 yuan and 1.02 yuan, respectively, with a new forecast for 2026 at 1.18 yuan [15][19]. - The company’s price-to-earnings (P/E) ratios are projected to be 13.6, 10.9, and 9.4 for the years 2024, 2025, and 2026, respectively [15][19].